ANNUAL REPORT 2024
EN
2024 marked a year full of fluctuations with countless difficulties and challenges for the Corporation’s production and business. However, since the early months of the year, the Board of Directors, the Executive Board and all employees of PVCFC have promoted the spirit of solidarity, determination and aiming at the goal to achieve the highest targets assigned by the GMS.
TOTAL REVENUE
billion VND,
reached 103% compared to 2024 plan, equal to 107% compared to 2023.
PROFIT BEFORE TAX
billion VND,
reached 125% compared to 2024 plan, equal to 121% compared to 2023.
PVCFC has carried out comprehensive and extensive digital transformation in key operations such as production, business, governance, and logistics. To be specific, the Company has put into use risk management software, target management module, and procurement management module to increase the total number of modules integrated on Eoffice to 21, synchronizing IT system and improving system efficiency. The Company has also gone live Data platform system, including DWH on Microsoft Azure and Osisoft’s PI system and implemented projects to build management reports, kick-off OKR&KPI projects, etc.
PVCFC has continued to promote investment to expand scale, make a turning point in implementing business strategies and be flexible in storage; transport and supply goods in a timely manner, and deploy projects aiming at energy transition. Total investment value in 2024 was VND 1,173 billion, reaching 98% of 2024 plan, equal to 290% compared to 2023 and the highest since its establishment, showing the Company’s sensitivity and flexibility in seizing opportunities and managing investment portfolio creatively, substantially and effectively.
PVCFC has developed sustainable development strategy, focusing on green and clean development, and reducing greenhouse gas emissions. To be specific, in May 2024, PVCFC issued ESG - Sustainable Development orientation. The Company has also published it’s first stand-alone Sustainability Report independently from Annual Report, continuing to update Annual Report and regularly updating the results of environmental measurements, demonstrating its commitment and compliance with the good practices and the laws on environment, society, governance and climate change.
(For more details on corporate governance, please see Corporate Governance from page 168 to page 243).In any circumstance, PVCFC always considers social and environmental responsibilities as a duty that needs to be performed in all business and production activities. In 2024, PVCFC has excellently performed its social and environmental responsibilities, to be specific:
In 2024, PVCFC’s Board of Directors continued to assess the BOD’s performance according to the criteria approved by BOD. The assessment on BOD’s performance is conducted by the BOD itself at the end of the fiscal year led by the Lead Independent Director. The criteria, procedures and results of assessment are presented in Assessment on BOD’s Performance on page 200.
Based on the business outcome in 2024 and the overall assessment, PVCFC’s BOD has achieved excellent results. The BOD’s activities are in accordance with the provisions of law, the Charter, the Company’s regulations as well as good corporate governance practices, contributing to completing and exceeding the plan targets assigned by GMS.
BOD has excellently promoted its roles and responsibilities in developing and promulgating internal regulations, operating governance system in line with good practices to create a consistent governance mechanism, effectively operating and monitoring governance model, ensuring the balance in the interests of stakeholders i.e. customers, employees and shareholders.
For performance of the Committees under BOD, the detailed assessment results are described in Assessment on BOD’s Performance on page 200.
Activities of the Committees under BOD are as in Activities of the Committees under BOD on page 178.
Based on the overall assessment results, the Committees under BOD have achieved an excellent result according to the criteria. The activities of the Committees and their members have effectively helped the BOD in supervision and execution of the assigned tasks in 2024.
Pursuant to the Company’s Charter and internal regulations on Corporate governance, the Board of Directors has inspected and overseen the activities of the General Director and Executive Board in managing production and business and implementing resolutions of the resolutions of the General Meeting of Shareholders and the Board of Directors in 2024, as follows:
For General Director and members of the Executive Board, based on the Company’s business performance, BOD assigns tasks to EB and assesses performance of each member according to the criteria approved by the BOD. The specific assessment criteria for the General Director and members of the Executive Board for the fiscal year 2024 are as follows:
According to the assessment result in 2024 (according to the assessment process and scale as set forth in page 194), EB members achieved excellent results with average score of 95.48. The EB has executed and directed the Company to successfully complete the planned targets.
In 2024, the General Director and the Executive Board ensured continuous business, successfully completing production targets, ensuring income, health and safety for employees and conducting business with high responsibility to related parties
During the operation, the General Director and the Executive Board have strictly complied with the applicable laws and the Company’s regulations. There were no violations or fines against the law on environment, labor safety and human rights, no child labor and forced labor, etc.
BOD has planned to focus on the following areas in 2025:
